Managing a property can be a challenging task and one that requires a professional service. A property management service can take care of a wide range of tasks including locating new tenants, assessing rent and ensuring the maintenance of the property. Using a property management service can also help you ensure that you receive your full rent every month. The RPM Service provides professional, trustworthy residential property management services, from tenant screening to leasing, from property maintenance to evictions.
Paying a percentage of the monthly rent
Getting your property managed is not cheap, and you may need to pay out the door if you don’t have the cash on hand. A typical residential property management company will charge somewhere between eight and twelve percent of your monthly rental income. Commercial properties are the exception.
The best way to figure out what your property management company is up to is to do a little research. You can find out by asking for references, looking at similar properties in your local area, and reading online reviews. The management company might be interested in conducting a home inspection, obtaining approval for maintenance costs, or recruiting a new tenant. They might also have a large reserve to fund unanticipated expenses. The most important question to answer is whether you will need any of these services. A small building may not warrant a full service, but a multifamily or condominium complex may be worth a try.
Conducting property inspections
Performing property inspections as part of your property management service will save you time and money. Regular inspections help you keep your property in good condition and allow you to repair problems before they become too big. They also help you retain tenants for longer periods of time. As a landlord, you have a lot of responsibilities. One of them is to make sure your rental property is in good condition. Conducting property inspections as part of your property management services will help you check on the condition of your rental property.
As a landlord, you should conduct a routine rental property inspection every three to six months. It will help you stay on top of maintenance issues and help you maintain the value of your investment. It is also important to schedule a move-out inspection before a tenant moves out of the property. This will allow you to compare the condition of your rental property before and after the tenant moved out. It will also let you know if there are any unreported maintenance issues.
Renewal of lease before current tenant vacates
Whether you are a landlord or a tenant, you can save time and aggravation by renewing your lease before your current tenancy is over. In fact, some states even require you to do so. If you are a rent stabilized tenant, you may have the opportunity to raise your rent to the market rate when you vacate.
However, you should be aware that not all lease renewals are created equal. In many cases, you can still be on the hook for up to three months’ worth of rent. Having your tenants sign a new lease can also help you avoid legal headaches. If you are dealing with a public housing authority, you should contact your local PHA to get the rules on renewals. In the realm of leasing, the most important thing to do is to provide your tenants with a timely notice of the impending lease termination. This can be as simple as an email or a handwritten note.
Having a tenant screening for property management service is an important part of the process of renting your property. In addition to reducing your financial risk, it can also be a valuable way to identify troublesome applicants. Tenant screening involves collecting a lot of information about potential tenants. Some services require you to complete an application and pay a fee. Others allow you to choose the criteria you want to use. Some services offer bulk discounts.
A basic tenant screening service may include a credit check, employment history, address checks, and criminal background reports. Other solutions provide a more in-depth report that includes eviction records. The Fair Housing Act prohibits discrimination based on race, national origin, and disability. It is important to follow all local and federal laws when screening potential tenants. The rental history of a potential tenant is another important factor to consider. Landlords want to know if a tenant has a good track record of paying rent on time. It is also important to verify the tenant’s date of birth and social security number.
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